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The Latest Breaking News from Janet Yellen

Paris climate finance summit fails to deliver debt forgiveness plan

Countries in debt distress thrown financial lifeline but critics say measures fall short of what is needed

The Guardian - UK

Rich nations pledge to unlock hundreds of billions for climate fight

Multilateral development banks like the World Bank are expected to find $200 billion in extra firepower for low-income economies by taking on more risk, a move that may require wealthy nations to inject more cash, world leaders said on Friday.

Radio France Internationale

Yellen says it's 'critical' to maintain U.S.-China ties after Biden's 'dictator' remarks

U.S. Treasury Secretary Janet Yellen says it’s “critical” the U.S. and China maintain a relationship so they can “work together” on global challenges

The Independent UK

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Paris climate summit opens with call for ‘finance shock’

PARIS: French President Emmanuel Macron told global leaders Thursday that no country should have to choose between tackling poverty and dealing with climate change at a summit tasked with reimagining the world’s financial system.

Bangkok Post

Paris summit aims to shake up the financial system. It will test leaders' resolve on climate

Heads of state, finance leaders and activists are converging in Paris to seek ways to overhaul the International Monetary Fund and World Bank and usher the global development banks into a post-pandemic world with a rapidly changing climate

The Independent UK

Commentary: By the treasury secretary’s own definition, we’re back in recession

Last month, the Department of Commerce released troubling data on the anemic economy, showing that gross domestic income (GDI) shrank in the previous six months. That’s no surprise to half of Americans who believe we’re currently in a recession, but the data refute President Joe Biden’s claim that the economy…

Tribune News Service

SEC lawsuits against cryptocurrency companies raise questions about industry's future

Two recent lawsuits filed by the U.S. Securities and Exchange Commission against the world’s biggest cryptocurrency exchanges have reopened tensions between the government and a volatile industry that has been marred by scandals and market meltdowns

The Independent UK

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Treasury Secretary Janet Yellen 'very supportive' of SEC using enforcement power against Binance and Coinbase

Yellen said she would still like to see Congress plug the remaining holes in crypto regulation.

Fortune

So what if Biden trips up? On the political stage his footwork is the fanciest seen in decades

The president has outmanoeuvred his opponents again and shown that the right, both in the US and the UK, has no riposte to his brand of economics

The Guardian - UK

World Bank's new chief asks staff to 'double down' on development, climate efforts

The World Bank's new president Ajay Banga on Friday asked the lender's 16,000 staff to "double down" on development and climate efforts as he seeks to accelerate the bank's evolution to tackle the most pressing global problems.

Reuters

NZ's beef with critical US debt ceiling debate

Exporters are nervously watching a key vote in the US Congress that will determine whether the world's biggest economy defaults on its debts. Jonathan Milne reports.

Newsroom.co.nz

Where the debt ceiling debate hits you at home and in the bank

It’s not just another case of political bickering, as money Americans get from a wide range of programs is at stake.

Chicago Sun-Times

US debt limit deal: How we got here

Bipartisan deal to raise debt ceiling and avoid ‘disastrous’ default heads to US Congress after weeks-long impasse.

Al Jazeera

US debt ceiling deal: what has to happen now to get it passed?

Lawmakers are scrambling to push through Biden-McCarthy deal by 5 June to avoid default disaster – what is the process?

The Guardian - US

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The Conversation

Debt ceiling negotiators reach a deal: 5 essential reads about the tentative accord, brinkmanship and the danger of default

President Joe Biden and House Speaker Kevin McCarthy on May 27, 2023, agreed in principle to a tentative deal that would raise the debt ceiling while capping some federal spending at current levels.

The Independent UK

Biden, GOP reach debt-ceiling deal, now Congress must approve it to prevent calamitous default

President Joe Biden and House Speaker Kevin McCarthy have reached an “agreement in principle” to resolve the looming debt crisis

Chicago Sun-Times

Biden, GOP reach tentative deal to raise debt ceiling, avoid calamitous US default

With the outlines of a deal in place, the legislative package could be drafted and shared with lawmakers in time for votes early next week in the House and later in the Senate.

The Independent UK

Debt ceiling deal reached between Biden and McCarthy

Tentative deal will avert a worldwide financial catastrophe

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Salon

Russ Vought: GOP's far-right mastermind

How onetime budget wonk Russ Vought joined the culture war — and built a strategic plan for conservatives in exile

Axios

Sen. Kyrsten Sinema enters debt ceiling talks to try to resolve split on energy permitting

Her late entrance signals that negotiators are exploring new ways to solve thorny issues.

Fortune

Democratic veterans from 2 decades of budget wars say the national debt isn't worth holding the U.S. and global economy 'hostage'

"If the future is what you care about, then doing things that hurt the future doesn't make sense.”

France 24

Biden says US debt deal 'very close' as default deadline set at June 5

Work requirements for federal food aid recipients have emerged as a final sticking point in negotiations over the looming debt crisis, even as President Joe Biden said Friday that a deal is “very close.”

The Independent UK

Biden says debt deal 'very close' even as two sides far apart on work requirements

Work requirements for federal food aid recipients have emerged as a final sticking point in negotiations over the looming debt crisis, even as President Joe Biden says a deal is “very close.”

The New Daily

Four-day reprieve before US is officially bankrupt

Democrat and Republican negotiators have gained a few more days to reach a deal to raise the US government's $31.4 trillion debt ceiling, as Treasury

Al Jazeera

Where do things stand as the US rolls back debt ceiling deadline?

US Treasury Secretary Janet Yellen says the agency will run out of funds to meet financial obligations by June 5.

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